It is not uncommon when businesses are growing fast and trying to scale that the owner most often experiences more stress, less income and often feel like they are losing control or in a state of chaos.
When a business is scaling, they must MAXIMIZE THEIR MONEY and OPTIMIZE THEIR OPERATIONS.
Here are five reasons why this doesn’t happen in many businesses causing many of them to struggle or fail:
- The business has reached levels beyond the owners “business” knowledge or skill-set. This is the time to seek professional help from an expert (business consultant.) Trying to figure things out on your own will cost you significantly more time, stress and money. It is why 97% of business owners stay broke or fail.
- Not making a shift from employee to CEO of the company – working “ON” the business vs. working “IN” the business.
- A lack of systems and processes (efficiency, organization and getting time back into your life is dependent on these things.)
- They don’t understand the financial side of the business to make the smartest decisions with the money. This causes profitability and cash flow problems. It can stop a company in its tracks for future growth and prosperity or cause them to fail.
- Building the right team. Payroll can be one of the most significant expenses for any business small or large. Not having the right people in place or having to replace people consistently is very costly to any business. Adding too many people too fast can also be a concern in many businesses. If you are hiring employees who are counting on you for their livelihood and you don’t think long term if it is the right decision, you can easily end up overextended in overhead.
If your business is growing by leaps and bounds, congratulations!
I encourage you to look closely at each of these areas above and see where you may have gaps.
Then focus on a solution to help you in each of those areas, or if you would like to talk about getting my professional help, you can book a call with me @ www.meetme.so/anncarden
BUILD A GREAT BUSINESS, GREAT BANK ACCOUNT, AND GREAT LIFE FROM YOUR BUSINESS!!